The Company
Industry: Medical Spa
Entity Type: Private Equity-Backed
Operating Region: West Coast
Size: $50M
The PROBLEM
The previous CFO departed, leaving the CEO to manage the financial responsibilities and duties of the business. They needed an interim CFO to offload these tasks, manage the company’s finances and accounting, focus on process implementation and improvement, and oversee board relations.
The Solution
The interim CFO brought experience rebuilding finance teams and cultivating positive internal partnerships in a PE-backed, multisite, medical spa. This individual also possessed Big 4 accounting experience, with a reputable history as a change agent enabling companies to scale for growth, streamline operations, and maximize bottom-line performance.
The RESULT
The interim leader quickly took on critical tasks and responsibilities, allowing the CEO to focus on higher-level strategic matters and decision-making. The consultant ensured a successful board meeting by getting the budget approved and the board deck prepared and distributed ahead of schedule.
Secured Bank Financing
The interim CFO successfully secured bank financing and began negotiating a Letter of Credit (LOC).
Updated the Cashflow Forecast
They updated the cashflow forecast to eliminate plugs and gained buy-in from the Controller.
Managed Transition to New Audit Firm
The consultant led the successful closing of the year-end financials and managed the transition to a new audit firm.
James Hickey
Senior Managing Director, McDermott + Bull Interim Leaders
hickey@mbexec.com
James Hickey serves as a Senior Managing Director for McDermott + Bull Interim Leaders, helping companies with mission-critical needs for talented executives during key points in their life cycle. He also works closely with Private Equity Groups to help their portfolio companies when there are gaps in leadership or to provide additional support to the team during critical transactions.